SendFriend is set to launch this year, and is targeting the Philippines to give expatriates a cost-effective way to send money back home. The project, winner of the MIT Media Lab Translational Innovation Alliance Award, was developed at MIT by CEO and founder David Lighton.

According to American Banker, Lighton says xRapid offers a new level of efficiency.

“That allows us on the back end to be more efficient with our capital. These are real-time settlements so we don’t have to do pre-funding, we don’t have to park money in the receiving corridor and then manage the foreign exchange risk. We can just do it one by one as the transactions go through.”

The platform is designed for the millions of migrant workers who overpay for international money transfers.

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